Cepea, November 7, 2023 – In late October, weather conditions were still unfavorable in most important wheat-producing areas in Brazil, a scenario that concerns producers. In Argentina, an important producer, the dry weather in part of the areas reduced the local production and may limit the volume available to export.
The USDA indicated in early November that production in Argentina may total 14.5 million tons, 2 million tons less than the report released in October. Therefore, shipments are likely to amount 10 million tons, below the 10.5 million tons projected in the month before.
In this scenario and because of the firm demand from wheat mills, prices increased in late October – it is worth noting that values had been in a downward trend for almost one year and, therefore, producers consider that current quotations are low.
CROPS – Despite the rainfall, crop activities continue to advance, and the national average of the harvest hit 67% until October 29, according to data from Conab.